Australia pledges $653m for solar boost

Australia is establishing a $1 billion ($653 million) fund to boost domestic solar panel manufacturing, Prime Minister Anthony Albanesean announced on Thursday, as cited by Reuters.

This move is part of the country’s shift from coal power to renewable energy, with the government aiming for 82 per cent renewable power in the energy grid by 2030, up from the current 40 per cent.

Despite having the world’s highest uptake of roof solar panels, with one in three Australian homes equipped, only 1 per cent of these panels are domestically manufactured.

The new initiative, which includes production subsidies and grants, aims to increase this percentage and will support jobs as coal-fired power stations retire.

The Australian Renewable Energy Agency (ARENA) will assist in designing and delivering the initiative, examining the entire supply chain, from ingots and wafers to cells, module assembly, and related components.